Refinance Auto

[cdub69]

I just recently purchased a car at 18% interest which I know is high.I did some credit repair and my score went from 616 to 660.My first payment is due 5/01/10.My question is when should I go and get my loan refinanced?3 Months,6 months or a year

[Jazzzy]

I would check on a refinance in 6 months. Try to build a relationship with a credit union or bank in that 6 months.

[Anonymous]

I financed a car through capital one last september... my score was around 600 and I got a 17 % rate... I know that was high, but I wanted/needed the car and I was told  could refinance after 6 months... After I purchased my car, I did some disputing with my CR baddies, my credit scores have gone up since september: 694 697 and 697... which I am very happy about. I am sure having the loan and making the payments for the last 8 months helped...

Anywhoo, I went on to Capital One and applied for a refin today and it was accepted at 11 %, which I was happy about. I am not sure if that is the best rate I could get, but excited, nonetheless..

My question is......... Will this refi help my credit? ... the reason I ask is because it looks like the original loan gets paid off and the refi starts a new... Will this not show up on my CR as paid and then a new loan appears?

Thanks for any info on this.

Warm Regards, Liz

[Anonymous]

11% is still too high to tell you the truth. Run don't walk and join a credit union because I'm sure u will get a much better rate. I wouldn't try to apply for refinance with crap one. Join Alliant or one of your local CU and see.

[MarineVietVet]

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@Anonymous wrote:

I financed a car through capital one last september... my score was around 600 and I got a 17 % rate... I know that was high, but I wanted/needed the car and I was told  could refinance after 6 months... After I purchased my car, I did some disputing with my CR baddies, my credit scores have gone up since september: 694 697 and 697... which I am very happy about. I am sure having the loan and making the payments for the last 8 months helped...

Anywhoo, I went on to Capital One and applied for a refin today and it was accepted at 11 %, which I was happy about. I am not sure if that is the best rate I could get, but excited, nonetheless..

My question is......... Will this refi help my credit? ... the reason I ask is because it looks like the original loan gets paid off and the refi starts a new... Will this not show up on my CR as paid and then a new loan appears?

Thanks for any info on this.

Warm Regards, Liz

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One thing I will ask is where did you get those scores? No one has been able to pull their own Experian FICO score since February of 2009. Creditors can pull Experian and also there is a CU in Pennsylvania that supplies that information to it's members only. You can only buy true FICO scores at a few places. One place is here at myfico. I suggest you do an internet search for "myfico discount codes" to save a little money. You can also purchase your Equifax score at www.equifax.com (If you look hard enough) and your Transunion score at www.transunioncs.com.

As far as helping your credit a refi will probably have a temporary, minor negative impact because you will have a new application, new inquiry, and new credit showing on your reports. This is looking at it strictly from a scoring angle. From a financial angle lowering your rate will of course save you money over the life of the loan. If I could lower my rate by quite a bit I would do it and not worry about a short term hit to my score.

IMO.

From a BK years ago to:
9/09 EX pulled by lender 802
3/10 EQ- 800
4/10 TU -772

You can do the same thing with hard work

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